Prabhudas Lilladher Recommends Accumulate on Finolex Industries; Target Rs 199

• Prabhudas Lilladher maintains an 'Accumulate' rating for Finolex Industries with a revised target price of Rs 199.
• The target price is based on 18x March’28 earnings plus a valued stake in Finolex Cables at a 50% discount.
• Finolex Industries' P&F volume declined by ~6.0% year-on-year in 9MFY26 due to an early and prolonged monsoon.
• FY26 pipes segment volume growth guidance revised from mid-single digit to flattish, with EBITDA margins at ~12%.
• Management aims for a balanced 50:50 Agri:Non-agri mix, currently at 62:38 in Q3FY25.

Why It Matters: Prabhudas Lilladher recommends accumulating Finolex Industries, setting a revised target price of Rs 199.